America's national debt has spiraled to catastrophic levels, with taxpayers now spending $1 trillion annually just on interest payments, more than the entire defense budget. Politicians from both parties continue to ignore this crisis while bragging about record spending increases. The debt now rises by $1 trillion every 100 days, pushing the nation toward economic collapse. With no viable solutions, defaulting would destroy the economy, printing money leads to hyperinflation, and taxing billionaires wouldn't even cover an eighth of the debt, America faces a future where the only options remaining are all disastrous. This isn't a partisan issue; it's a national emergency that threatens to bankrupt future generations.
America's government is now so deep in debt that taxpayers must spend $1 trillion per year just on the interest. That's more than all spending on defense. This will cripple the nation's future. The country is on an unsustainable path, yet most politicians won't even address it. Many actually brag about spending more.
Politicians boast about their spending records. One politician bragged about spending $1.2 trillion over 10 years. His opponent countered by bragging about what he spent: $738 billion, with a "B."
Politicians Deny the Reality
On the rare occasions when politicians do acknowledge the debt, they make things up. Some claim deficits are coming down or that they "literally cut the federal debt in half." That's just not true. Both parties have increased the debt by record amounts, and the increases continue. America's debt is now rising by $1 trillion every 100 days. The nation is much deeper in debt than it was just four years ago.
The Spending Spree That Never Ends
A previous stimulus bill represented the largest in U.S. history. For once, Republicans and Democrats were in agreement—it was 96 to nothing in the Senate. They applauded themselves. Only a few expressed objections about specific items:
$75 million to NPR and public broadcasting
$25 million for the Kennedy Center for the Performing Arts in Washington, D.C.
$25 million for Congressional salaries
$50 million for a museum
Few politicians asked the critical question: How do you pay for it? Will the government borrow it from China? From Russia? Or just print the money?
A Debt Bigger Than Greece's Collapse
America's national debt has climbed to levels that, percentage-wise, exceed where Greece's debt was just before unemployment there hit 27%. The feeling of hopelessness in Greece seemed to spread throughout the country. Greece was bailed out by Europe, but the United States can't be bailed out by others.
Three Terrible Options
So how can America pay off this debt? There are really only three options: default, print money, or raise taxes.
Option 1: Tax the Rich
Many politicians call for taxing the billionaires. But that wouldn't solve the debt problem. Even if the government took all billionaires' wealth, it would only cover about an eighth of the debt.
Option 2: Print Money
Others on the left now say, "Don't worry about debt, just print money." They claim the U.S. government can never run out of dollars because the federal government prints dollars. Bernie Sanders' economic advisor dismisses concerns about the national debt clock, saying there's nothing to prevent the federal government from creating as much money as it wants and paying it to someone.
This belief, now called "Modern Monetary Theory," has destroyed lives in many countries. Zimbabwe is a recent example. The dictator just printed more money. That meant more money chasing the same goods. More money chasing the same goods meant more dollars were needed to buy the same stuff. A batch of tomatoes cost $10 million Zimbabwe dollars and a pack of onions cost $30 million. The faster prices rose, the more money the government printed, and the faster prices rose. It got so bad that a $100 trillion bill was only worth about 40 cents, leading to economic disaster in the once-prosperous South African country.
Inflation also wrecked lives in 1920s Germany, Argentina, Russia, and Venezuela.
Option 3: Default
Finally, America could just default. But that would eliminate the savings of everyone who invested in America and it wouldn't solve the nation's problems. When Argentina defaulted, its economy fell apart. Unemployment reached 21%. Once a country is deep in debt, none of the options is good.
Decades of Empty Promises
How did America fall so deep in debt when for years politicians have said they'd reduce the deficit? Presidents and leaders from both parties have made promises:
"We have piled deficit upon deficit, mortgaging our future and our children's future. We must act today in order to preserve tomorrow."
"We've got to deal with this big, long-term debt problem or it will deal with us."
But they didn't deal with it. They just talked about it. Politicians would criticize taking out "a credit card from the bank of China in the name of our children, driving up our national debt that we are going to have to pay back. That's irresponsible."
Yet the debt reached $20 trillion—it doubled under President Obama. And if the stimulus is included, it increased even faster under Trump.
Both Parties Are Responsible
It's not compassionate to bankrupt America, but that's the path the country is on. Congressman Warren Davidson, a Republican, acknowledges this isn't one party's problem. "You didn't get $23 trillion in debt because one party is good on the issue and the other isn't," he said. It's both parties.
In an interview before the pandemic, Davidson was confronted about voting for some spending bills—billions for the FCC, for example. When asked why the country even needs an FCC, he responded, "Well, who else would be able to regulate speech if there wasn't an FCC?" When challenged about voting for the bill, he explained, "Well, you don't get a vote for precise things very often. There are things in these appropriations that do need funded."
At least Davidson usually votes against big spending, acknowledging, "We are on a path to bankrupting our country. We are!"
The Problem Gets Worse
But today, most politicians only talk about spending more—over a billion here, $300 million there, a trillion somewhere else. As one politician said, "Trump just talks to talk. We walk the walk."
What was concerning then has just gotten worse—almost $11 trillion worse.
The Path Forward
Cutting government spending, or at least slowing its growth, is crucial. Yet today's major party politicians won't even talk about it. $1 trillion a year in interest—just interest. This debt crisis represents an existential threat to America's future, and the clock is ticking.
Comments
Be the first to comment on this video.